Page 4 - சமூக வளர்ச்சி வலைப்பின்னல் ஆஃப் புதியது ஜெர்சி News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Credit: andrew mead via unsplash New homeowners A new assistance program for needy first-time homebuyers and a new tax incentive to encourage saving for a first home are the latest legislative efforts to help people purchase a house in one of the most expensive states for housing in the nation. The Senate Community and Urban Affairs Committee on Thursday approved two bills to expand financial assistance to help people buy or rehab a first home. It also endorsed a measure that would provide a period of mortgage forbearance to some homeowners impacted by the coronavirus pandemic. One bill (S-1762) would create the New Jersey First-Time Home Buyer Savings Account Program. Under this program, people with incomes of $175,000 or less and who have never owned a house would be able to establish a special savings account at a participating bank to deposit money toward a home purchase. A saver would get a 5% state income-tax credit for contributions of up to $15,000 a year to the account.

New jerseyUnited statesStaci bergerTroy singletond burlingtonJersey american dream programAffordable housing trust fundAffairs committee onMortgage finance agencySenate communityDepartment of community affairsTime home buyer savings account programCommunity development network of new jerseyUrban affairs committeeVin gopalJersey american dreamCommunity affairs